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KLRCA revise arbitration rules
Practical Law UK Legal Update 5-519-9494 (Approx. 3 pages)
KLRCA revise arbitration rules
by PLC Arbitration
| Published on 19 Jun 2012 • Malaysia |
The Kuala Lumpur Regional Centre for Arbitration (KLRCA) has revised its arbitration rules. (Free access).
The new KLRCA Arbitration Rules will enter into force on 2 July 2012. The 2010 edition of the rules has been revised to take into account the centre's administrative experiences, as well as feedback from parties to arbitration proceedings, case administrators, legal professionals and arbitrators. All of the amendments aim to ensure that the arbitral process is conducted expeditiously and in a cost-effective manner.
Some of the key amendments in the new rules include:
- Detail on the information, documents and fee required to register an arbitration matter with the KLRCA.
- Reduction in the time to appoint an arbitrator to 30 days.
- The Director of KLRCA to confirm the appointment of arbitrators.
- New provisions relating to the challenge of arbitrators.
- Precise provisions on the procedure for extension of time and delivery of awards to the KLRCA and the release of such awards to parties.
Unless parties agree otherwise, the revised rules will apply automatically to all arbitrations under the auspices of the KLRCA commenced after 2 July 2012.